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3 Oct 2013
DXY tried to rally early but faded away from correction resistance at 80.25 all day Wednesday
FXstreet.com (Barcelona) - The DXY gave up the goat Wednesday after briefly attempting to rally immediately following Tuesday’s close. US politics not helping anyone right now.
Traders trying to keep their eyes on real economic developments – not always successfully
The DXY tried to rally immediately after Tuesday’s close but continually slipped throughout the session Wednesday to finish just off the lows but just below Fibonacci support at 79.90. The continual coverage and news flow surrounding the US government shutdown and the looming debt ceiling debate is jerking the DXY all over the place and is likely costing impatient traders a pretty penny.
Thursday, the DXY will be influenced by global PMI data points, Europan retail sales, US weekly jobless claims, construction spending and factory orders as well as multiple Fed Head speeches.
Technical outlook for DXY
Technicians say the next target to the downside for DXY is the next lower Fibonacci projection line at 79.62. Below that comes 79.55 – another Fibonacci projection. DXY has resistance at Wednesday’s high of 80.28. Above that, the next test will be 80.33 – 80.38.
Traders trying to keep their eyes on real economic developments – not always successfully
The DXY tried to rally immediately after Tuesday’s close but continually slipped throughout the session Wednesday to finish just off the lows but just below Fibonacci support at 79.90. The continual coverage and news flow surrounding the US government shutdown and the looming debt ceiling debate is jerking the DXY all over the place and is likely costing impatient traders a pretty penny.
Thursday, the DXY will be influenced by global PMI data points, Europan retail sales, US weekly jobless claims, construction spending and factory orders as well as multiple Fed Head speeches.
Technical outlook for DXY
Technicians say the next target to the downside for DXY is the next lower Fibonacci projection line at 79.62. Below that comes 79.55 – another Fibonacci projection. DXY has resistance at Wednesday’s high of 80.28. Above that, the next test will be 80.33 – 80.38.